BENGALURU (Reuters) – Three Adani Group firms are considering raising up to $5 billion, Bloomberg News said on Thursday, months after a mega $2.5 billion share sale by the Indian group’s flagship firm fell through in the wake of a scathing short-seller report.
The conglomerate’s flagship firm Adani Enterprises Ltd, Adani Green Energy Ltd and Adani Transmission Ltd may raise between $3 billion and $5 billion, the report said, citing people familiar with the matter.
The three companies, part of billionaire Gautam Adani’s conglomerate, said on Wednesday they were holding board meetings on Saturday to consider proposals to raise funds. They did not disclose how much they intended to raise.
Abu Dhabi-based International Holding Co, which has invested almost $2 billion in Adani companies, does not plan to take part in any potential share sales, IHC’s spokesman told Bloomberg.
Adani Enterprises, Adani Green Energy and Adani Transmission did not immediately respond to Reuters’ request for comments.
The stocks of the conglomerate’s seven listed companies cratered earlier this year after U.S. short-seller Hindenburg Research accused the group of unlawful use of offshore tax havens and stock manipulation. Adani has denied the allegations.
The stocks are still off more than $110 billion in value since the report.
(Reporting by Yagnoseni Das in Bengaluru; Editing by Savio D’Souza)
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